CLEVELAND, Oct. 4, 2017 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) provided a further update today on its process of
providing assistance and support to its personnel in Puerto Rico as well as assessing damage from
Hurricane Maria to its assets in Puerto
Rico.
"We have now been in contact with all of our team members in
Puerto Rico and remain focused on
delivering aid to them," commented David
Lukes, President and Chief Executive Officer of DDR.
"All 12 of our properties are now in a clean and safe condition and
we are in the process of making temporary repairs and helping
tenants reopen wherever possible. I am incredibly proud of DDR's
Puerto Rico team, who have
demonstrated courage and resilience in this challenging time, as
well as the numerous employees throughout the firm who have worked
with remarkable speed and resourcefulness."
Most anchor spaces at the company's 12 Puerto Rico centers are
currently open, including 7 of 8 Walmarts, and all Home Depots (2),
Sam's Club (1), and Pueblo and Econo grocery stores (3). A
significant number of additional anchor openings are expected to
take place in the coming days. Most of the company's Puerto Rico outparcel tenants are also
currently open and operating. Openings of small-shops at the
company's open air assets will generally depend on restoration of
utility power, the timing of which is currently uncertain. In
addition, there are selective tenant spaces that have been rendered
currently untenantable.
Plaza Del Sol, the company's
largest asset by Net Operating Income in Puerto Rico, is now receiving power from both
generator and utility sources, which is facilitating the reopening
of small-shops. Rio Hondo, the company's second largest asset
in Puerto Rico, is expected to
begin receiving utility power within the next week, enabling small
shop openings. The company expects to have additional generators
installed at Plaza del Norte, its third largest mall asset in the next several
weeks. The company has completed cleanup work at Palma Real and
continues to assess necessary repairs. A determination of expected
tenant opening dates will be made as further analysis of the repair
of this property is completed.
DDR maintains insurance on its assets in Puerto Rico with policy limits of over
$350 million for property damage,
along with coverage for business interruption. The company's
insurance policies remain subject to various terms and condition
including a deductible of approximately $6
million.
ABOUT DDR
DDR is an owner and manager of 298
value-oriented shopping centers representing 100 million square
feet in 34 states and Puerto Rico.
The Company owns a high-quality portfolio of open-air shopping
centers in major metropolitan areas that provide a
highly-compelling shopping experience and merchandise mix for
retail partners and consumers. The Company actively manages its
assets with a focus on creating long-term shareholder value. DDR is
a self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol DDR.
SAFE HARBOR
DDR Corp. considers portions of the
information in this press release to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as
amended, with respect to the Company's expectation for future
periods. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. There are a number of important factors
that could cause our results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, property damage, expenses related thereto and other
business and economic consequences (including the potential loss of
rental revenues) resulting from extreme weather conditions in
locations where we own properties; sufficiency and timing of any
insurance recovery payments related to damages from extreme weather
conditions; local conditions such as supply of space or a reduction
in demand for real estate in the area; competition from other
available space; dependence on rental income from real property;
the loss of, significant downsizing of or bankruptcy of a major
tenant; redevelopment and construction activities may not achieve a
desired return on investment; our ability to buy or sell assets on
commercially reasonable terms; our ability to complete acquisitions
or dispositions of assets under contract; our ability to secure
equity or debt financing on commercially acceptable terms or at
all; our ability to enter into definitive agreements with regard to
our financing and joint venture arrangements or our failure to
satisfy conditions to the completion of these arrangements; the
success of our deleveraging strategy; and any impact or results
from the Company's portfolio transition or any change in strategy.
For additional factors that could cause the results of the Company
to differ materially from those indicated in the forward-looking
statements, please refer to the Company's Form 10-K for the year
ended December 31, 2016. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE DDR Corp.